In September, the Romanian Ministry of Finance presented a bill aimed at ensuring the long-term financial sustainability of the state. The proposed bill makes some changes to the tax system.
From January 1, 2024, it is planned to introduce a minimum turnover tax for taxpayers whose turnover in the previous year exceeded 50 million euros. An additional tax will also be levied on credit institutions. In addition to income tax, credit organizations will have to pay turnover tax, which is calculated as 1% of turnover.
New tax rates for micro-enterprise profits are provided. An income tax at a rate of 1% will be levied on micro-enterprises whose annual turnover does not exceed 60 thousand euros. A tax at a 3% rate will be applied to companies with an annual turnover of over 60 thousand euros or to enterprises that carry out the types of activities established in the Bill.
The bill also proposes other measures to support efforts to recover the budget deficit, including measures to combat tax evasion and other offenses. The Romanian Ministry of Finance has launched consultations on the proposed financial sustainability bill.